In a skillet over low-medium heat, add 1 Tbsp. oil and sliced onions. Cook for 20-25 minutes, stirring occasionally until onions slightly brown. Reduce heat to low; allow onions to simmer.
In a separate pan over medium heat, add remaining oil and Frankfurters. Cook for 3-4 minutes, turning regularly, until heated throughout.
Spread cream cheese on the bun; top with Classic Smoked Frankfurter, warm caramelized onions and pickled jalapeño peppers.